There are exciting developments taking place in hospitality revenue management because of artificial intelligence, business intelligence, and machine learning. Business intelligence in particular has been a trending topic among hoteliers, but there's still a lack of adoption of the systems that leverage BI. What specific ways will business intelligence improve your hotel’s existing systems? Many RMS providers fail to answer that question. As a property owner or manager, it’s important to know what benefits you’ll receive before investing time and money into a new system.
Hospitality revenue management software with business intelligence capabilities help hoteliers determine performance trends and relevant data points. Tammy Farley, President of The Rainmaker Group, recently spoke about the opportunities for insight that business intelligence creates:
“There is an abundance of data that must be collected consistently, accurately, and analyzed intelligently to make a positive impact. Fortunately, BI tools can simplify the process so that more time can be spent dissecting the output in order to make strategic decisions.” -Gaming & Leisure Magazine
The first way that business intelligence improves hotel systems is by eliminating manual processes. Without business intelligence, it used to take revenue managers considerable amounts of time to collate data from multiple sources that didn’t interface with each other into reports. In addition to being wildly inefficient, manual processes would create opportunities for human error. BI leverages predictive analytics, rapidly helping revenue managers complete their pricing optimization and forecasting reports with a level of speed and accuracy that was previously functionally impossible. A BI-enabled RMS can sift through massive amounts of raw data, collecting and analyzing complex information. It’s then able to sort the data into manageable reports and other analytical tools in an instant. You can also use BI-enabled software to create dashboards so your most important metrics are always readily available.
2. Customizable and Scalable
With business intelligence, long gone are the ‘one size fits all’ RMS. BI-enabled systems allow users to completely customize their reporting, dashboards, and data sets. This flexibility ensures that you’ll always be asking the questions that are relevant to your property’s specific metrics. With custom reporting and dashboards, you’ll be able to monitor your most critical metrics like RevPAR, ADR, and booking data. Data can be sorted and filtered for both internal and external factors like weather, social media trends, economic factors, and local events. In addition, BI can help to monitor the efficacy of your marketing campaigns so that you’ll be sure that coveted resources are being allocated to the right places. Farley continues:
“Revenue managers must ask the right questions and measure what matters. That’s the key to understanding guest behavior and getting actionable data to make better decisions. Using automated tools to analyze data, revenue managers can intelligently determine whether it’s time to tweak the business model or make a change in strategy.” -Gaming & Leisure Magazine
If you’re anticipating growth, BI-capable RMS can grow with you and support multiple properties and locations so you’ll avoid having to switch systems in the middle of your expansion. These systems are extremely easy to set up, so they’ll be ready for your new users in record time.
3. Cloud Enabled
These days, it’s normal for managers to be constantly on the go. Rather than being chained to a desk, BI software allows for managers to pull up reports on their tablet or phones. That way, managers can run their software as efficiently as possible. Since your data is stored in the cloud, you’ll never run out of storage space on your hard drive and software updates will happen automatically. Plus, when BI is implemented throughout the property, anyone on staff can access answers to their questions and relevant data with a minimal amount of training. In fact, most properties that have enabled BI integration throughout their systems see increases in productivity of at least 15%, meaning the system pays for itself in no time.
Business intelligence is taking over the hospitality industry, and with good reason. Business intelligence gives hoteliers the ability to quickly gather and analyze data from their guests, their comp set, and their operational performance. Software that’s been paired with business intelligence capabilities is a critical component of an agile, high-value revenue management system.
Contact Rainmaker today to learn more about how our software keeps you at the forefront of emerging technology and simplifies your processes.